News PP closed. Well results next.CALGARY, ALBERTA--(Marketwire - March 10, 2011) -Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) ispleased to announce the final closing of its previously announcedprivate placement (the "Offering"). The Offering was fully subscribedand the Company fully exercised its over-allotment option due to marketdemand. A total of 27,934,540 units ("Units") of the Company were soldin two closings: 15,599,770 Units in the initial closing on February23, 2011 and 12,334,770 Units in the final closing on February 28,2011, at a price of
.065 per Unit. The gross proceeds raised in theclosings of the Offering were $1,815,745.10. Net proceeds will be usedto fund development drilling in the Company's two core light oilresource plays, to pursue potential land and corporate acquisitions,and for general corporate purposes.
All securitiesissued pursuant to the Offering will be subject to a four month holdperiod, which will expire June 24, 2011 and June 29, 2011,respectively. In connection with the Offering, the Company agreed topay sales commissions or finder's fees equal to 8%, in aggregate, ofthe gross proceeds.
Each Unit consists of one commonshare of the Company and one common share purchase warrant (each a"Warrant"). Each Warrant entitles the holder to acquire one commonshare at an exercise price of
.10 for a period of 12 months fromclosing (the "Expiry Date"). The term of the Warrants is subject to anacceleration clause. The Warrant will expire on the earlier of theExpiry Date and the date which is 30 calendar days after the Companyprovides notice to the holders of the Warrants that an accelerationevent has occurred, provided that such notice may not be given prior tofour months after the Closing.